Mid-Day Market Update: Dow Down 250 Points; Revlon Shares Jump On Upbeat Earnings

Midway through trading Friday, the Dow traded down 0.95 percent to 25,941.54 while the NASDAQ declined 1.83 percent to 7,392.84. The S&P also fell, dropping 1.15 percent to 2,774.65.

Leading and Lagging Sectors

On Friday, the consumer staples shares climbed 0.4 percent. Meanwhile, top gainers in the sector included Revlon Inc REV up 22 percent, and Boston Beer Company Inc SAM up 4 percent.

In trading on Friday, information technology shares fell 1.9 percent.


Top Headline

II-VI, Inc. IIVI announced plans to buy Finisar Corp. FNSR for around $3.2 billion.

II-VI said in a press release it will acquire Finisar through a combination of stock and cash which values the Apple supplier at $26 per share, representing a 37.7 percent premium over Finisar's closing price on Thursday.


Equities Trading UP

Pro-Dex, Inc. PDEX shares shot up 30 percent to $12.15 after the company reported Q1 results.

Shares of Finisar Corporation FNSR got a boost, shooting up 19 percent to $22.42 after II-VI, Inc. IIVI announced plans to buy the company for around $3.2 billion.

Revlon Inc REV shares were also up, gaining 24 percent to $27.21 after the company beat Q3 earnings estimates.

 

Equities Trading DOWN


InnerWorkings, Inc. INWK shares dropped 36 percent to $4.51 after the company reported weaker-than-expected Q3 results.

Shares of Apollo Endosurgery Inc APEN were down 38 percent to $3.68 after the company missed Q3 EPS and revenue estimates.

Sanchez Production Partners LP SNMP was down, falling around 40 percent to $4.90 after the company missed Q3 EPS and revenue estimates.


Commodities

In commodity news, oil traded down 1.25 percent to $59.91 while gold traded down 1.35 percent to $1,208.50.


Silver traded down 2.27 percent Friday to $14.095, while copper fell 1.81 percent to $2.6865.

 

Eurozone

European shares were mostly lower today. The eurozone’s STOXX 600 declined 0.37 percent, the Spanish Ibex Index fell 0.46 percent, while Italy’s FTSE MIB Index dropped 0.88 percent. Meanwhile the German DAX rose 0.02 percent, and the French CAC 40 fell 0.48 percent while U.K. shares fell 0.49 percent.

Economics

The Producer Price Index rose 0.6 percent for October, versus economists’ expectations for a 0.2 percent increase.

The University of Michigan’s consumer-sentiment index dropped to 98.3 for November, compared to 98.6 in October.

U.S. wholesale inventories rose 0.2 percent for September, versus economists’ expectations for a 0.3 percent increase.

The Baker Hughes North American rig count report for the latest week is schedule for release at 1:00 p.m. ET.

Posted In: Mid-Day Market UpdateNewsEurozoneCommoditiesGlobalIntraday UpdateMarkets